The government announced Tuesday it has sold a 99-year lease for Sydney airport, Australia's largest, to an Australian-led consortium for 5.5 billion Australian dollars (dlrs 3.1 billion).

Southern Cross consortium, which beat off two other bidders for the airport, is led by Australia's Macquarie Bank and includes Hochtief AirPort, a subsidiary of German construction company Hochtief AG, and the Commonwealth Bank of Australia.